EX-12.1 5 tsla-ex121_7.htm EX-12.1 tsla-ex121_7.htm

Exhibit 12.1

Ratio of Earnings to Fixed Charges

The ratio of earnings to fixed charges for each of the periods indicated was as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

$

(2,209,032

)

 

$

(746,348

)

 

$

(875,624

)

 

$

(284,636

)

 

$

(71,426

)

Add: Fixed charges

 

 

655,415

 

 

 

275,077

 

 

 

183,054

 

 

 

129,096

 

 

 

43,614

 

Add: Amortization of capitalized interest

 

 

14,706

 

 

 

9,789

 

 

 

4,261

 

 

 

1,953

 

 

 

1,406

 

Subtract: Capitalized interest

 

 

(124,913

)

 

 

(46,691

)

 

 

(41,477

)

 

 

(12,762

)

 

 

(3,501

)

Total losses

 

$

(1,663,824

)

 

$

(508,173

)

 

$

(729,786

)

 

$

(166,349

)

 

$

(29,907

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

471,259

 

 

$

198,810

 

 

$

118,851

 

 

$

100,886

 

 

$

32,934

 

Capitalized interest

 

 

124,913

 

 

 

46,691

 

 

 

41,477

 

 

 

12,762

 

 

 

3,501

 

Interest factor in rental expense (1)

 

 

59,243

 

 

 

29,576

 

 

 

22,726

 

 

 

15,448

 

 

 

7,179

 

Total fixed charges

 

$

655,415

 

 

$

275,077

 

 

$

183,054

 

 

$

129,096

 

 

$

43,614

 

Ratio of earnings to fixed charges (2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

(1)

Determined using an assumed interest factor of 33% of rental expense

 

(2)

Earnings were inadequate to cover fixed charges by $2.32 billion, $783.3 million, $912.8 million, $295.4 million and $73.5 million for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.